Egypt’s Sakneen raises $1.1 million seed to make buying and selling homes easier

  • Date: 08-Feb-2021
  • Source: MENAbytes
  • Sector:Real Estate
  • Country:Egypt
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Egypt’s Sakneen raises $1.1 million seed to make buying and selling homes easier

Cairo-based property tech startup Sakneen has raised $1.1 million in a seed round led by Algebra Ventures, it announced in a statement today to MENAbytes. The round also included 'major participation' from Sarwa Capital and Foundation Ventures. It was also joined by US-based real estate private equity firm Hem + Spire, Saudi-based investment firm Nakhla VC, and angels from Google, BlackRock, and McKinsey.

Founded in late 2019 by Ramy Khorshed and Hussein El Kheshen, Sakneen makes buying and selling homes easier through its property portal. The users looking to buy a home can use the website to browse through different options on the platform and filter them using property type, location, price range, finishing type, delivery date, and a few other details.

Ramy Khorshed, the co-founder and CEO of Sakneen speaking to MENAbytes about how they're different from other players in the market said that they're not a listings platform, "Similar to how Zillow built up their database from publicly accessible data and overlaid MLS data on top of it, we curate our content to manage quality and prevent duplication. This means that sellers compete over positioning rather than over listings.  With the high-quality data, we can provide our sellers with high